Question

X ltd. issued 200000 equity share of rupees 10 each at a premium of rupees 2 per share the amount was payable as follow :
on application and allotment rupees 6 including Premium Rupees 1
on first call rupees 4 per share including premium rupees 1 and balance amount on the final call.
Subscription were received for 3,17,000 shares. Owing to
heavy subscription, the allotment was made on pro-rata basis
as follows:
Number of
Category
shares allotted
1. Full shares allotted
38,000 shares
2. Allotment Of Two shares for every
three shares applied
1,60,000
3. Allotment of one shares for every
four shares applied
2,000
4. Balance applicants
Rejected
It was decided that excess amount received on application
would be utilized on allotment and calls and any surplus if any
would be would be refunded. Company did not make the final
call.
Ram, to whom 1,000 shares were allotted, who belongs to
category (I), failed to pay I call money. His shares were
forfeited after the I call. All shares were reissued as 8 paid up,
for such an amount that Rs. 1000 was transferred to capital
reserve.
Shyam to whom 1,600 shares were allotted, also belonging to
category (1) paid final call along with I call. Journalise in
books of X Ltd.

Answer 1

Explanation:

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